Versailles, Indiana Property Taxes
The median property tax rate in Versailles, IN is 0.80%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Versailles at $117,750, the typical annual property tax bill is $996, significantly less than the national median of $2,690. Property taxes in Versailles are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Versailles's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Versailles or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Versailles, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Versailles Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Versailles with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Versailles to project your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-specific trends, scroll down for more detailed localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Versailles, Indiana
Property taxes in Versailles, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Versailles is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Versailles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Versailles estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Versailles's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47042 zip code has the highest median property tax rate of 0.80%, while the lowest median tax rate is also 0.80%. Understanding how these cities compare with Versailles provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Versailles Tax Rate
0.80%
Average Ripley County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Versailles, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47042 | 0.44% | 0.62% | 0.80% | 1.27% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Versailles, Indiana
In Versailles, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Ripley County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Versailles, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Versailles helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Versailles are both $996.00, found in the 47042 zip code.
Average Versailles Assessed Value
$117,750
Average Ripley County Assessed Value
$137,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Versailles, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47042 | $51,800 | $82,075 | $117,750 | $168,275 | $234,050 |
Source: Ownwell
Property Tax Bills Across Versailles, Indiana
Property tax bills in Versailles, Ripley County, IN, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Versailles experience a range of property tax bills. The tax bill at the 25th percentile is approximately $570, while the 75th percentile tax bill is around $1,690. At the higher end, the 90th percentile tax bill can reach up to $2,729. The highest and lowest median tax bills in the area are both $996, reflecting a uniformity in tax rates within the zip code 47042. Compared to the national median property tax rate of 0.99%, homeowners in Versailles may find their tax bills to be relatively moderate, depending on their property's assessed value. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Versailles Tax Bill
$996
Average Ripley County Tax Bill
$1,170
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Versailles, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47042 | $307 | $570 | $996 | $1,690 | $2,729 |
Source: Ownwell